TMI Blog1986 (6) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961. The Tribunal has referred the following question: " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in upholding the Commissioner of Income-tax (Appeals) decision who held that only interest of Rs. 2,181 has to be disallowed as against Rs. 6,954 added by the Income-tax Officer ? " Shri Sohanraj Jain is one of the partners of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,135 paid by the partner to the assessee-firm was concerned, he held that it constituted income of the firm. The assessee challenged the assessment order before the Commissioner (Appeals). The Commissioner held that the Income-tax Officer was not justified in adding the gross amount of Rs. 6,954 paid as interest to the partner. Instead of two accounts, the Commissioner observed that, if one acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent any problem in view of the circular instructions issued by the Central Board of Direct Taxes to which our attention has been invited by counsel for the assessee. From the Circular Instruction No. 33-D(XXV-29) of 1965, dated November 8, 1965, it is seen that the view taken by the Allahabad High Court in the said decisions has been accepted. Further, this court also in Income-tax Reference Ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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